Victory Capital Holdings went public on Thursday, pricing 11.7 million shares at $13 per share.
The stock closed at $11.60 per share, down 10.77% from the IPO price as markets plummeted on the day.
The shares began trading Thursday on the Nasdaq Global Select Market under the ticker symbol VCTR.
J.P. Morgan Chase, Bank of America Merrill Lynch and Morgan Stanley (MS) are joint lead book-running managers and representing the underwriters. Barclays, Goldman Sachs & Co. and RBC Capital Markets are also acting as joint book-running managers for the IPO. Keefe, Bruyette & Woods, William Blair and Sandler O'Neill + Partners are acting as co-managers for the IPO.
Victory Capital had $61.8 billion in assets under management as of Dec. 31.
Tricia Ross, a spokeswoman for Victory Capital, declined to comment due to the company being in a quiet period.